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Soft Computing for Problem Solving pp 311–326Cite as

Comparative Analysis of Optimum Capacity Allocation and Pricing in Power Market by Different Optimization Algorithms

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Part of the book series: Advances in Intelligent Systems and Computing ((AISC,volume 817))

Abstract

The paper presents the optimum allocation of capacity and capacity pricing between two individual electricity markets, which are interconnected and have different designs. Among them, one market has energy-only market, whereas other has capacity-plus-energy market. Generation companies (GenCos) optimally allocate capacity in different markets in such a way that it maximizes their overall revenue. Similarly, independent system operator (ISO) purchases capacity and energy in such a way that it minimizes their purchase cost. Both these problems are stochastic and nonlinear optimization problems. It could not be solved by classical method. Therefore, three meta-heuristic optimization algorithms such as Dragonfly, Moth-flame, and Whale optimization algorithms are used to solve both problems. Furthermore, both problem solutions are illustrated by a numerical example and capacity allocation and capacity pricing results are compared with the literature. Additionally, the comparative analysis is done for the capacity price, GenCos’ revenue, and the ISO’s purchase cost by using above-mentioned algorithms under different market conditions.

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Authors and Affiliations

  1. Department of Electrical Engineering, Sardar Vallabhbhai National Institute of Technology, Surat, 395007, Gujarat, India

    Ashok Parmar & Pranav Darji

Authors
  1. Ashok Parmar
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  2. Pranav Darji
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Corresponding author

Correspondence to Ashok Parmar .

Editor information

Editors and Affiliations

  1. Department of Mathematics, South Asian University, New Delhi, India

    Jagdish Chand Bansal

  2. Department of Mathematics, National Institute of Technology Silchar, Silchar, Assam, India

    Kedar Nath Das

  3. Department of Mathematics and Computer Science, Faculty of Science, Liverpool Hope University, Liverpool, UK

    Atulya Nagar

  4. Department of Mathematics, Indian Institute of Technology Roorkee, Roorkee, Uttarakhand, India

    Kusum Deep

  5. School of Basic Sciences, Indian Institute of Technology Bhubaneswar, Bhubaneswar, Odisha, India

    Akshay Kumar Ojha

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Parmar, A., Darji, P. (2019). Comparative Analysis of Optimum Capacity Allocation and Pricing in Power Market by Different Optimization Algorithms. In: Bansal, J., Das, K., Nagar, A., Deep, K., Ojha, A. (eds) Soft Computing for Problem Solving. Advances in Intelligent Systems and Computing, vol 817. Springer, Singapore. https://doi.org/10.1007/978-981-13-1595-4_25

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